We downgrade our rating from O-PF to M-PF while cutting our target price by 9% mostly due to a lower soymilk valuation while we revise 2019F/2020F/2021F NPAT by -2%/5%/-2%. We trim our target 2019 PER for the soymilk segment from 13x to 12x (40% discount to our target PER for VNM) due to subdued progress of new products, which curbs its medium-term outlook.